Profits down but future bright for Ausenco

The company’s profits are down 56% from its results from the same time last year. Ausenco chief executive Zimi Meka said the company had delivered through a “challenging first half” with its underlying earnings before interest, tax, depreciation and amortisation the third highest on record.The Brisbane-based company said revenues reached $241 million for the six months to the end of June, down 12% from the same time in 2008.Meka was confident things would improve over the rest of the year and growth would return in 2010 and 2011.“We have won several significant contracts in the past few months and our expanded service offering has seen our order book strengthen and our overall tender activity increase,” he said. “The markets we operate in remain challenging, however there are increasing signs of confidence returning and business conditions appear to be stabilising.”Meka said the company’s diversified work across commodities and geographic regions left the company in a good position. At the end of June, Ausenco had $89.9 million in cash. The company will be paying a 5c dividend.Shares in Ausenco were up 1c to $4.35 today.

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